Keynes' deathbed conversion to capitalism

Wait, stop the Economics. There has been a terrible mistake. Even John Maynard Keynes recognized his central planning approach to economics could not work. Ten days before his death he stated:

"I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago."

Markets work, governments do not. That is not to suggest there is no role for government in policing or overseeing markets. It merely means that government cannot perform the functions that markets do. They do so easily, efficiently, costlessly and invisibly, at least in comparison to states.

Monty Pelerin www.economicnoise.com

Wait, stop the Economics. There has been a terrible mistake.

Even John Maynard Keynes recognized his central planning approach to economics could not work. Ten days before his death he stated:

"I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago."

Markets work, governments do not. That is not to suggest there is no role for government in policing or overseeing markets. It merely means that government cannot perform the functions that markets do. They do so easily, efficiently, costlessly and invisibly, at least in comparison to states.